legal tender

Ukraine moves to adopt Bitcoin as legal tender

Ukraine is the latest in a list of countries adopting Bitcoin and other cryptocurrencies as legal tender. They are the fifth country in recent weeks to make such changes that will give the cryptocurrency market more of a standing.

The Parliament adopted a bill to legalise and regulate cryptocurrency with a nearly unanimous vote. The bill was first introduced in 2020 and is due next to go to the desk of President Volodymyr Zelensky to be signed into law. As an evangelist of Bitcoin himself, he has been a key player in Ukraine’s decision to transform into a crypto-friendly nation.

Experts claim that the plan is not to immediately supersede the hryvnia, Ukraine’s fiat currency, but to work towards creating space for both currencies to work together for the benefit of all.

A move many countries are making

Ukraine is just one of a few countries that have adopted Bitcoin and other cryptocurrencies as a form of legal tender. El Salvador was the first country to make this move, with Cuba and Germany also having introduced regulations and Panama considering a draft bill that would have a similar outcome.

Cryptocurrency has existed in a legal grey area across many countries thus far, but this move to regulate the market at a national level will help to give it more weight internationally too. While some countries still restrict crypto trading, others are beginning to look into the benefits that these currencies might have in digital spaces.

Certainly, in Ukraine, the roadmap plotted thus far will eventually see Bitcoin become their dominant currency. With these changes and the rise of assets like NFTs, cryptocurrencies might soon become stronger online than ever before.

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